Letters to the Editor

The Banking Industry is the Frontline for Protecting the Elderly from Financial Abuse

Older Americans are increasingly becoming targets for fraud and financial exploitation. Persons over the age of 50 control more than 70% of the nation’s wealth. Many seniors do not realize the value of their assets (particularly homes that have appreciated markedly).*

Fraudsters target older Americans because they may be experiencing cognitive decline, limited mobility or other disabilities that require them to rely on others for help. Seniors who live in isolation and have chronic conditions have become even bigger targets.

Banks are often the front line of defense in protecting their elderly customers from financial abuse so bankers are trained to look for signs that may indicate abuse.

Sign Up for E-News

Banks are well-positioned to detect, prevent and report elder financial abuse. They continuously enhance their capacity to spot elder financial abuse through on-going training and enhanced fraud detection technologies. Frontline staff members observe and engage customers on a daily basis, enabling them to serve as one of the first lines of defense. Banks maintain a wide variety of internal protocols and procedures to protect customers from this abuse. The types of warning signs bankers look for include unusual account activity, unpaid bills or eviction notices, suspicious signatures, new “best friends,” and new powers of attorney or altered wills.

Everyone can use these warning signs to help protect relatives, friends and neighbors. The best way to protect your loved one is to watch out for red flags and help them take simple steps to safeguard their personal information.

NJBankers is doing its part to help by partnering with Senior Crimestoppers (http://www.seniorcrimestoppers.org/ ) whose mission is to keep nursing home residents free from theft, abuse, neglect, financial exploitation, and other crimes and actions. The banking industry funds the entire program. 

No one who has worked a lifetime for their assets should have to be subjected to financial exploitation. If you suspect elder financial abuse, we encourage you to speak with local police and Adult Protective Services in the appropriate town to report the issue.

The opinions expressed herein are the writer's alone, and do not reflect the opinions of TAPinto.net or anyone who works for TAPinto.net. TAPinto.net is not responsible for the accuracy of any of the information supplied by the writer. Click here to submit a Letter to the Editor.

TAP Into Another Town's News:

You May Also Be Interested In

Sign Up for E-News

Edison

Upcoming Events

Wed, June 27, 12:15 PM

Law Office of Kenneth Vercammen, Edison

Wills and Estate Planning- Free Seminar

Education

Carousel_image_855652b94dad7cfd1c72_mini_magick20180618-30381-1j0t0jb

Tue, July 17, 6:00 PM

Westfield Presbyterian Church, Westfield

Youth Mental Health First Aid

Education Health & Wellness

New Brunswick Civic League Leader Still Looking for New Challenges After 48 Years at Helm

June 16, 2018

NEW BRUNSWICK, NJ - After 48 years of leading the charge for change in New Brunswick, Dr. C. Roy Epps can still be found quietly working on weekends in The Civic League of Greater New Brunswick offices.

The tireless commitment of the 77-year-old President and CEO of this non-profit has helped provide residents access to a variety of health, housing and education services over the ...

Applications to Rutgers Jump Nearly 10 Percent; Increase from Out-of-State Students

June 15, 2018

NEW BRUNSWICK, NJ - Applications to Rutgers University this year increased 9.4 percent over last year, university President Robert Barchi told the Board of Governors at a meeting this week.

The university received nearly 45,000 applications this year, Barchi said.

That included a 20 percent increase in the number of students from out-side New Jersey applying to Rutgers, the university ...

Wardlaw+Hartridge Middle School Public Speaking Winners Announced

June 19, 2018

Wardlaw+Hartridge's Middle School held its public speaking finals in the Berry Performing Arts Center on May 24.

Congratulations to Jeni Lyn Vargas of Dunellen, who won the eighth-grade speech competition and the privilege to speak at the Stepping Up Ceremony on June 6, and David Ezra Flatau-Jones of Scotch Plains, who won the Streib Cup awarded to the best public speaker in the sixth ...

Small Business Ownership vs. Entrepreneurship

Written by: Samuel K. Burlum, Investigative Reporter and author of The Green Lane, a syndicated column, Published on 6/18/2018

Tags: Business, Community, Crowdfunding, Economy, Entrepreneurship, Finance, Small Business

Source: So, which are you – a Small Business Owner or an Entrepreneur? We compare the similarities and differences between the two, so you can ...